World Dairy Markets Continue to Gain Strength
World dairy markets continued to show strength on the Global Dairy Trade (GDT) auction in New Zealand today, up 1.7% in the aggregate.
Volume was good volumes with 33,165 metric tons (more than 73 million pounds) changing hands. All commodities showed positive gains.
Butter prices surged the most, up 5.5% to $1.93/lb. Whole milk powder (WMP) was up 2.4% to $1.47/lb. Cheddar cheese was up 0.6% to $1.84 and skim milk powder (SMP) was up 0.7% to $1.38.
The United States is still price competitive on SMP, with Chicago Mercantile Exchange SMP trading at $1.29/lb. U.S. cheese and whole milk powder prices are still above world prices, but butter is getting more competitive at $1.88/lb.
You can read all of today’s GDT results here.